Exclusive Report – Sources say Refresco is planning an initial public offering (IPO) with a valuation of over 10 billions dollars.
According to sources, several banks have been competing for IPO underwriting business in recent weeks. The sources said the potential listing could take place in either the United States or Europe. KKR acquired Refresco for approximately $8 billion in 2022.
Reuters New York, October 8 – According to informed sources, Netherlands-based Refresco and its parent company KKR have recently heard pitches from several investment banks regarding their potential roles in the IPO of Refresco, one of the world's largest independent beverage manufacturers. Sources, speaking anonymously, revealed that Refresco is exploring listing plans, possibly in either the US or Europe, and that regardless of the market, the company’s valuation could surpass $10 billion. They cautioned that the plans are at a preliminary stage and may change.
KKR, an investment firm, acquired the company in 2022 for about $8 billion through its global infrastructure strategy, which focuses on investing in critical infrastructure assets. Other investments under this strategy include utilities, energy, and telecommunications service companies.
Both Refresco and KKR declined to comment.
Founded in 1999 and headquartered in Rotterdam, Netherlands, Refresco partners with retailers such as Walmart and Aldi to produce private label beverage products, and also collaborates with branded beverage companies like Coca-Cola, PepsiCo, and Monster Beverage.
Refresco claims to be the world’s largest independent beverage manufacturer, providing production, bottling, warehousing, logistics, and distribution services to partners. The company operates 85 production sites across North America, Europe, and Australia. According to its annual report, the company achieved nearly $7 billion in revenue and about $930 million in adjusted EBITDA in 2025.
Sources noted that although Coca-Cola Consolidated mainly collaborates with Coca-Cola, this North Carolina-based beverage manufacturer could still be a relevant comparable for Refresco. According to data provider LSEG, that company's market capitalization is around $12.5 billion, and its EBITDA multiple is close to 12 times.
Dealogic data show that the US IPO market had a strong start this year, with traditional IPO funding approaching $140 billion so far, making 2026 likely to approach the record levels seen in 2021. However, market volatility, rising bond yields, rate hike concerns, and increasing questions over AI spending and valuations are threatening the once-expected bumper autumn IPO season.
Several companies, including smart ring maker Oura, have postponed planned listings in recent weeks. Nevertheless, IPO advisors and investors say companies continue to hold pitches with investment banks to vie for underwriting spots—known as “beauty contests.” They are also continuing informal meetings with investors and other preparations to allow them to move quickly when market conditions improve.
(For the convenience of non-English speakers, Reuters automatically translates its reports into various languages. Reuters does not guarantee the accuracy of automated translations, and such translations are provided solely for reader convenience. Reuters accepts no liability for any damage or loss caused by use of the automated translation function.)
路透社•2026-10-08 21:36
